IMOCO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IMOCO
Largest movements
- Current investments +€238,058
up €238,058 (+11.7%), from €2.0m to €2.3m
- Tangible fixed assets -€72,096
down €72,096 (-5.4%), from €1.3m to €1.3m
of which Land and buildings: -€59,311
- Receivables within one year -€62,033
down €62,033 (-37.1%), from €167,034 to €105,001
of which Other amounts receivable: -€52,592
- Reserves +€107,346
up €107,346 (+4.8%), from €2.2m to €2.3m
of which Distributable reserves: +€101,946
- Financial income -€26,604
down €26,604 (-25.4%), from €104,574 to €77,970
of which Financial income: -€32,401
- Taxes +€9,479
up €9,479 (+22.7%), from €41,846 to €51,325
- Financial charges +€7,546
up €7,546 (+141%), from €5,333 to €12,878
of which Non-recurring financial charges: +€7,409
- Gross operating margin +€6,137
up €6,137 (+2.9%), from €215,034 to €221,171
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,126,053 | €4,229,771 | +€103,718 | +2.5% |
| Fixed assets | 21/28 | €1,485,247 | €1,413,151 | -€72,096 | -4.9% |
| Tangible fixed assets | 22/27 | €1,335,247 | €1,263,151 | -€72,096 | -5.4% |
| Land and buildings | 22 | €1,299,975 | €1,240,664 | -€59,311 | -4.6% |
| Leasing and similar rights | 25 | €35,273 | €0 | -€35,273 | -100% |
| Other tangible fixed assets | 26 | - | €22,488 | +€22,488 | |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €2,640,805 | €2,816,620 | +€175,814 | +6.7% |
| Amounts receivable within one year | 40/41 | €167,034 | €105,001 | -€62,033 | -37.1% |
| Trade receivables | 40 | €9,440 | €0 | -€9,440 | -100% |
| Other amounts receivable | 41 | €157,594 | €105,001 | -€52,592 | -33.4% |
| Current investments | 50/53 | €2,028,347 | €2,266,405 | +€238,058 | +11.7% |
| Cash at bank and in hand | 54/58 | €441,408 | €441,364 | -€44 | 0.0% |
| Deferred charges and accrued income | 490/1 | €4,017 | €3,850 | -€167 | -4.2% |
| Total equity and liabilities | 10/49 | €4,126,053 | €4,229,771 | +€103,718 | +2.5% |
| Equity | 10/15 | €4,110,111 | €4,217,457 | +€107,346 | +2.6% |
| Contributions | 10/11 | €1,891,428 | €1,891,428 | = | 0.0% |
| Capital | 10 | €1,891,428 | €1,891,428 | = | 0.0% |
| Issued capital | 100 | €1,891,428 | €1,891,428 | = | 0.0% |
| Reserves | 13 | €2,218,683 | €2,326,029 | +€107,346 | +4.8% |
| Non-distributable reserves | 130/1 | €143,249 | €148,649 | +€5,400 | +3.8% |
| Legal reserve | 130 | €143,249 | €148,649 | +€5,400 | +3.8% |
| Distributable reserves | 133 | €2,075,434 | €2,177,380 | +€101,946 | +4.9% |
| Amounts payable | 17/49 | €15,942 | €12,314 | -€3,627 | -22.8% |
| Amounts payable within one year | 42/48 | €13,942 | €12,314 | -€1,627 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €5,316 | €0 | -€5,316 | -100% |
| Trade debts | 44 | €3,884 | €2,237 | -€1,647 | -42.4% |
| Suppliers | 440/4 | €3,884 | €2,237 | -€1,647 | -42.4% |
| Taxes, remuneration and social security | 45 | €2,881 | €8,216 | +€5,335 | +185% |
| Taxes | 450/3 | €2,881 | €8,216 | +€5,335 | +185% |
| Other amounts payable | 47/48 | €1,861 | €1,861 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €0 | -€2,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,584 | €96,506 | +€1,922 | +2.0% |
| Other operating charges | 640/8 | €28,121 | €28,208 | +€88 | +0.3% |
| Non-recurring operating charges | 66A | €2,315 | €2,877 | +€562 | +24.3% |
| Gross operating margin | 9900 | €215,034 | €221,171 | +€6,137 | +2.9% |
| Operating profit (loss) | 9901 | €90,014 | €93,579 | +€3,565 | +4.0% |
| Financial income | 75/76B | €104,574 | €77,970 | -€26,604 | -25.4% |
| Recurring financial income | 75 | €104,574 | €72,173 | -€32,401 | -31.0% |
| Non-recurring financial income | 76B | - | €5,797 | +€5,797 | |
| Financial charges | 65/66B | €5,333 | €12,878 | +€7,546 | +141% |
| Recurring financial charges | 65 | €5,333 | €5,469 | +€136 | +2.6% |
| Non-recurring financial charges | 66B | - | €7,409 | +€7,409 | |
| Profit (loss) for the period before taxes | 9903 | €189,255 | €158,671 | -€30,585 | -16.2% |
| Income taxes | 67/77 | €41,846 | €51,325 | +€9,479 | +22.7% |
| Profit (loss) for the period | 9904 | €147,410 | €107,346 | -€40,064 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €147,410 | €107,346 | -€40,064 | -27.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.